Show INSIDE STUFF STUFF- By PAUL MALLON WASHINGTON April The snowball is going goin uphill At AL last the regenerating forces ot of business are working for their own expansion and improvement The factories are rounding out a four COUl months months' trend ot of increased production production pro pro- beyond seasonal Their gradual pickup is absorbIng absorb absorb- Ing employment and payrolls are arc being being be- be ing enlarged thus improvIng purchasing pur pur- chasIng power and opening the way for or more production more employment employ employ- ment and more wages It is the vicious cycle ot of the last four years In reverse a 00 a How long that process will continue continue con con- no one knows But at no time during the last tour four years have such healthy signs been noticeable four months in Business Signs Sion Most Io t Hopeful Since January Januar In Four Years production t Ion has gradually Improved ed eight points oin beyond e ond the normal seasonal now flow Employment has ha Improved Im- Im proved about seven ven points payrolls 13 and department nt store sales nine It H leaves us now wl h production about 86 per cent cerit ot of normal employment employ employ- me ment t 78 per per cent payrolls 66 per cent cent and sales 77 7 per cent The way automobiles are being beIns sold and spring clothing is being bought clearly indicates that this increased d purchasing power is not being hoard hoard- ed The money obviously is goIng into trade which should build new business These conditions are proved con con- elusively in the followIng foolproof busin business chart You can figure it out for or yourself noticing particularly the trend of the last tour four months as related related re- re to previous years AU All figures represent percentages of at normal whIch is the 1923 25 av crage Each figure has been en adjusted for tor normal seasonal varIations and andis is a true estimate or of Americas America's relative rela- rela tive business standing standing Indus Indus- Factory Freight Dept Im- Im Ex- Ex trial l Pro Pro- Employ Employ- Pay Pas Load Load- Store Con Con- port port or Month duct Ion Tolt rolls Inn Inae Sal Sales s. s tracts Value Value 1929 average a 1011 1077 1930 96 92 92 79 84 1931 81 75 92 63 63 5 54 53 January 1932 n 72 64 78 31 42 12 39 February 69 62 78 18 27 41 45 15 April 63 63 59 79 27 36 37 December 66 68 60 28 30 33 January 1933 65 63 56 60 22 29 31 February 63 54 60 19 26 29 March 60 50 57 14 26 28 April 66 66 53 67 14 25 29 Ma May Of 78 78 56 67 16 32 32 June un 92 60 68 18 40 36 July 6 63 70 21 48 43 August Of 91 61 77 24 50 38 5 September Of 84 60 70 30 48 40 October 77 77 58 70 37 46 42 November 73 60 65 48 40 42 December 75 62 69 58 42 48 January 1934 78 64 68 63 49 42 U 44 February 81 64 71 45 15 42 47 March 84 66 76 35 Of April April est esL 86 78 66 67 77 33 Import and export figures for March and April 1934 are not yet et available s sA A seasonal reaction from our present present pres- pres ent peak Is due within the next 30 days Steel and automobiles are holding hold hold- ing up unexpectedly well but textiles tex tex- tiles arc showing some som signs ot of slip ping pine Tile The automobile output for Cor April probably will be around cars which is better than March No one can say Next 30 Days Das what May will Expected to bring because pro pro- Show Reaction schedules are being held as near as possible to demand The Th government guessers may be somewhat optimistic but they believe believe be- be lieve that the recent wage increases in steel teel automobiles coal and some other industries help helped d at al least 1500 workers That is way department store sales are running 35 per cent to 40 per percent percent cent above last year ear In dollar volume A 20 per cent price increase accounts accounts ac- ac counts for part ot of the rise Things are moving so rapidly that it is impossible to estimate within reason the number of those still unemployed un employed li r The public works program Is getting getting get get- ting nowhere fast TIre The extent of its Inability to meet the situation was never more obvious than itt ill March when o of public works con con- Public World Work tracts were award award- Program Gets Gels ed cd That was the Nowhere Fast month when Mr Ickes' Ickes outfit supposed to show how something opening open open- ing the spring expenditure program But his figure is three fourths ot of what he was able to spend in the rigid frigid month of December Even the depressed private building industry made a better showing Its contracts awarded in March amounted to It is no solace to the P W A that some ot of the private contracts were financed b by the federal govern govern- ment High prices are retarding the recovery reo re- covery of oC the building industry now Certain piping used in some build build- ings is up per cent above last years year's figure The general level ot of construction costs is supposed to be within 10 per percent percent cent ot of the 1929 boom level The administration has an idea that these prices will level oft off when its home building program gets into operation within the next 30 days They think added volume olum will rill permit a price reduction but usually Increased in In- creased demand for lor goods results in price increases Common labor In the building trades received cents per hour this March which Is 20 per cent more than the wage in March last year Skilled labor received this March an increase ot of 10 per percent per percent cent DespIte all the price boosts in steel automobiles department store merchandise merchandise mer mer- chandise building materials etc the general price level ot of the country has not changed materially since President Roosevelt devalued the dol- dol lar It fluctuated around 71 per cent ot of the 1926 level from last September to January Upon devaluation it ran up to a high or of but is now back to That leaves us is about 27 per cent away ay from Mr Roosevelt's promised the land 1926 price level Copyright 1034 1 for the Telegram |